Frank Neil Newman (born April 20, 1942) is an American

banker A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

who served as

Under Secretary of the Treasury for Domestic Finance The under secretary of the treasury for domestic finance is a high-ranking position within United States Department of the Treasury that reports to, advises, and assists the secretary of the treasury and the deputy secretary of the treasury. The ...

from 1993 to 1994 and as

United States Deputy Secretary of the Treasury The deputy secretary of the treasury of the United States advises and assists the Secretary of the Treasury in the supervision and direction of the Department of the Treasury and its activities, and succeeds the Secretary in the secretary's abs ...

from 1994 to 1995.

Biography

Frank N. Newman was born in

Quincy, Massachusetts Quincy ( ) is a city in Norfolk County, Massachusetts, Norfolk County, Massachusetts, United States. It is the largest city in the county. Quincy is part of the Greater Boston area as one of Boston's immediate southern suburbs. Its population in ...

, on April 20, 1942. He was educated first at

Thayer Academy Thayer Academy (TA) is a private, co-educational, college-preparatory day school located in Braintree, Massachusetts, United States. The academy, conceived in 1871 at the bequest of General Sylvanus Thayer, known as the father of the United St ...

and then later at

Harvard College Harvard College is the undergraduate education, undergraduate college of Harvard University, a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Part of the Harvard Faculty of Arts and Scienc ...

, receiving a

B.A. A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts degree ...

Economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...

in 1963. Newman joined Peat Marwick Mitchell & Company in 1966 as a manager. In 1969, he moved to

Citicorp Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

as a Vice President. He joined

Wells Fargo Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important fi ...

in 1973, and worked there as a Vice President from 1973 to 1980, and then as an Executive Vice President and as

Chief Financial Officer A chief financial officer (CFO) is an officer of a company or organization who is assigned the primary responsibility for making decisions for the company for projects and its finances; i.a.: financial planning, management of financial risks, ...

from 1980 to 1986. In 1986 Newman then moved to BankAmerica Corporation where he was ultimately Vice Chairman and Chief Financial Officer, where he led the bank though substantial recovery until his departure in 1993. In 1993,

President of the United States The president of the United States (POTUS) is the head of state and head of government of the United States. The president directs the Federal government of the United States#Executive branch, executive branch of the Federal government of t ...

Bill Clinton William Jefferson Clinton (né Blythe III; born August 19, 1946) is an American politician and lawyer who was the 42nd president of the United States from 1993 to 2001. A member of the Democratic Party (United States), Democratic Party, ...

nominated Newman to be

. The next year, he became

, holding that office until 1995. Newman then returned to the private sector. He became Vice Chairman of

Bankers Trust Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corp ...

. He then served as President and

Chief Executive Officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

of Bankers Trust from 1996 to 1999. In 2005, he became CEO of

Shenzhen Development Bank Shenzhen Development Bank Co., Ltd. was a bank based in Shenzhen, Guangdong ) means "wide" or "vast", and has been associated with the region since the creation of Guang Prefecture in AD 226. The name "''Guang''" ultimately came from Guangxin ...

, a national listed bank with operations in 20 cities in China, SDB had come under serious troubles when a U.S based private equity organisation purchased 20% of the bank's shares, at this point Newman led the team that eventually turned around performance of the institution to become healthy and profitable again, this was done without government funding or guarantees. In 2010, after the sale of the majority interest of the bank, Newman retired and became an Independent Senior Advisor to SBD and also serves as chairman in for china based promontory financial group, an IBM subsidiary.

Publications

* ''Six Myths that Hold Back America: And What America Can Learn from the Growth of China's Economy'' (2011), Frank N. Newman, Diversion Books * ''Freedom from National Debt'', Frank N. Newman (2013), Two Harbors Press

References

External links

* 1942 births Living people 20th-century American politicians Acting United States secretaries of the treasury American bankers American chief executives of financial services companies American chief financial officers Clinton administration personnel Harvard College alumni People from Quincy, Massachusetts United States deputy secretaries of the treasury {{US-gov-bio-stub